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GBP/JPY Technical Levels and Trading Recommendations for Aug 30, 2012

2012-08-31 15:45:09 (читать в оригинале)

 

 

Overview

Proceeding from today's H4 chart, the pair is going to take an upward move after its rebound from the support level of 123.75. Currently the pair is testing the resistance level of 124.50. Given that the pair manages to break this Resistance level and closes 4H above, we will receive a strong indicator for more bullish signals which will enable the Resistance level of 125.00 as the level target. Then we should wait for breaking this Resistance level to continue the upward move and open the way towards the Resistance level of 125.50.
On the other hand, if the pair fails to break the Resistance level of 124.50 and bounces from it, it may reverse the bullish move taking a downward move which will enable Support level of 123.75 again. Then we should wait for breaking this Support level in order to get new bearish signals. In case the pair is able to break the Support level and closes 4H below, we will get a bearish strength providing new sell signals which will enable the Support level of 123.20 as a level target. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level 124.50 is unbroken, the downward move is still expected invalidating the bullish outlook. Therefore, we should wait for more confirmations before making the decision.

 

Resistance and Support Levels

R3(125.50)
R2(125.00)
R1(124.50)

S1(123.75)
S2(123.20)
S3(122.60)

Trading Recommendations

According to the previous analysis, we recommend buying after breaking the Resistance level 124.50 and closing 4H above with TP 125.15; SL closing 4 hours below the Resistance level will be appropriate.

The material has been provided by Instaforex Company - instaforex.com

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EUR/USD Wave Analysis for August 31,2012

2012-08-31 14:22:32 (читать в оригинале)

EUR/USD Elliott Wave
For the last few days the EUR/USD pair was trading in an upward move developing 5 wave (coloured blue) of the bigger corrective (C) wave (coloured green). Yesterday during the early Asian and European sessions we could observe an ascending movement from 1.2523 towards the 1.2564 level. Therefore, during the New York session this major pair did not manage to hold this level and price started pushing lower reaching a new 2 days low at 1.2488 level. At the moment the EUR/USD pair is trading around 1.2565 level and we are expecting to see the price lower today. In accordance with our wave rules and taking into account that the wave 5 retraces 161.8% of the wave 1, we can define the potential targets by measuring wave 1, with Take Profit at 1.1884 (161.8% of wave 1). To reduce the risk, we can use resistance at 1.2690 as Stop Loss. Also it is necessary to monitor the EU German Retail Sales m/m, CPI Flash Estimate y/y, Unemployment Rate and U.S. Chicago PMI, Revised UoM Consumer Sentiment, Fed Chairman Bernanke Speaks, Factory Orders m/m, Jackson Hole Symposium data that can change the rate of the pair.
Alternation: Wave 5 (coloured blue) of the bigger (4) wave (coloured orange) is still in the progress and we can expect to see price around 1.2680 level today.
Support and Resistance
(S3) 1.2442 (S2) 1.2471 (S1) 1.2489 (PP) 1.2518 (R1) 1.2547 (R2) 1.2565 (R3) 1.2594
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.2520 with Stop Loss 1.2690 and Take Profit 1.1884 are recommended.

The material has been provided by Instaforex Company - instaforex.com

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USD/CHF Wave Analysis for August 31,2012

2012-08-31 14:07:11 (читать в оригинале)

USD/CHF Elliott Wave
Since our last analysis the USD/CHF pair was trading in an upward move, developing final 5 wave (coloured blue) of the bigger wave (3) (coloured green). Yesterday during the Asian and European sessions we could observe a descending movement towards the 0.9556 level (new daily low). Therefore, during the New York session the USD/CHF pair did not manage to hold this level and the price started pushing higher reaching high at 0.9615 level. At the moment this major pair is developing final 5 wave (coloured blue) and we are expecting to see the price around 0.9450 soon. In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (0.9660-0.9538-0.9634), with Take Profit at 0.9457 (161.8% of wave 1). To reduce the risk, we can use resistance point at 0.9560 level as Stop Loss. Also it is necessary to monitor the U.S. Chicago PMI, Revised UoM Consumer Sentiment, Fed Chairman Bernanke Speaks, Factory Orders m/m, Jackson Hole Symposiu data that can change the rate of the pair.
Support and Resistance
(S3) 0.9533 (S2) 0.9556 (S1) 0.9570 (PP) 0.9592 (R1) 0.9615 (R2) 0.9629 (R3) 0.9651
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9550 with Stop Loss 0.9560 and Take Profit 0.9457 are recommended.

The material has been provided by Instaforex Company - instaforex.com

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NZD/USD Wave Analysis for August 31,2012

2012-08-31 14:04:11 (читать в оригинале)

NZD/USD Elliott Wave
Last week the NZD/USD pair was trading in a downward move, developing impulsive 5 wave (coloured purple) of the bigger C wave (coloured blue). Yesterday during the Asian session we could observe an ascending movement towards the 0.8028 level and we consider this move as the end of the corrective (4) wave (coloured purple). Therefore, during the early European session this major pair did not manage to hold this level and we could observe a strong downward movement that brought this pair to the new low at 0.7967 level (end of the C wave). At the moment the NZD/USD pair is trading around 0.8006 level and we are expecting to see price higher today. We still do not have clear view where the 1 wave (coloured purple) should finish, but we are expecting to see the end of this wave around 0.8050 level. To reduce the risk, we can use support at 0.7985 level as Stop Loss.
Support and Resistance
(S3) 0.7930 (S2) 0.7954 (S1) 0.7969 (PP) 0.7992 (R1) 0.8016 (R2) 0.8031 (R3) 0.8054
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 0.8015 with Stop Loss 0.7985 and Take Profit 0.8050 are recommended.

The material has been provided by Instaforex Company - instaforex.com

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EUR/USD WAVE Analysis for August 31, 2012

2012-08-31 13:14:25 (читать в оригинале)

 

Wave Analysis:
Despite the EUR/USD pair broke through the lower limit of the upward channel, it still moves within the area of 1.2575 – 1.2480. Taking into account B. Bernanke’s upcoming speech, the pair can keep this pace or go down to the 24th figure level. At the same time, the overall wave situation can enable a quick quotes growth in short term.
Targets for Down Wave 1 or a:
1.2478 – 38.2% Fibonacci
1.2443 – 50.0% Fibonacci
Targets for 5 into 5 Wave:
1.2568 – 161.8% Fibonacci
1.2613 – 200.0% Fibonacci
Summary and Trading Recommendation:
The most probable outcome is the continuation of the uptrend which transformed into 5 wave. Wave 5 into 5 may start its building resulting in the growth towards 1.2568 and 1.2613 which is equal to 161.8% and 200.0% Fibonacci. The uptrend indicates the upward area, fixing below which signifies a stronger decline. If the quotes go below the 4 wave minimum, it will be necessary to revise the wave marking. After wave 5 into 5 building, the pair may begin a new downtrend under wave 1 or a which can push the pair lower to 1.2521 and 1.23478 which is equal to 23.6% and 38.2% Fibonacci.

The material has been provided by Instaforex Company - instaforex.com